Natural Gas, WTI Oil, Brent Oil – WTI Oil Tests New Highs
- Natural gas price declined towards the $2.10 level.
- WTI oil moved above the $74 level as Kurdistan’s oil exports remained halted.
- Brent oil climbed above the $78.50 level.
Natural gas prices pulled back after the release of the EIA Natural Gas Storage Report, which indicated that working gas in storage declined by 47 Bcf, compared to analyst consensus of -54 Bcf. The bearish report put additional pressure on natural gas markets.
WTI oil tested new highs as Kurdistan’s oil exports remain halted. According to the recent reports, the talks between Kurdistan officials and Iraqi government would resume next week.
Brent oil is currently trying to settle above the $78.50 level as traders stay focused on supply worries. Traders should note that Russia has cut production by 500,000 bpd in March, so the oil market is getting tighter, which is bullish for oil prices.
For a look at all of today’s economic events, check out our economic calendar.